Senvest Management LLC trimmed its holdings in shares of Ciena Corporation (NYSE:CIEN – Free Report) by 39.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 172,926 shares of the communications equipment provider’s stock after selling 112,550 shares during the period. Ciena accounts for approximately 2.2% of Senvest Management LLC’s holdings, making the stock its 15th largest holding. Senvest Management LLC’s holdings in Ciena were worth $67,135,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently made changes to their positions in CIEN. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Ciena in the 1st quarter worth $3,434,000. Renaissance Technologies LLC grew its position in shares of Ciena by 200.0% in the first quarter. Renaissance Technologies LLC now owns 97,800 shares of the communications equipment provider’s stock valued at $37,969,000 after purchasing an additional 65,200 shares during the period. Compound Planning Inc. grew its position in shares of Ciena by 31.5% in the first quarter. Compound Planning Inc. now owns 4,383 shares of the communications equipment provider’s stock valued at $1,702,000 after purchasing an additional 1,050 shares during the period. Bank of Nova Scotia increased its stake in shares of Ciena by 125.8% during the first quarter. Bank of Nova Scotia now owns 17,991 shares of the communications equipment provider’s stock worth $6,985,000 after purchasing an additional 10,023 shares in the last quarter. Finally, Lido Advisors LLC increased its stake in shares of Ciena by 44.7% during the first quarter. Lido Advisors LLC now owns 7,225 shares of the communications equipment provider’s stock worth $2,805,000 after purchasing an additional 2,231 shares in the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.
Ciena Trading Down 4.3%
Shares of CIEN stock opened at $389.93 on Friday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. Ciena Corporation has a twelve month low of $84.41 and a twelve month high of $637.51. The company’s 50-day moving average price is $477.15 and its 200-day moving average price is $409.28. The stock has a market cap of $55.20 billion, a price-to-earnings ratio of 129.98 and a beta of 1.27.
Analyst Ratings Changes
CIEN has been the subject of several research reports. UBS Group boosted their price objective on Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. Stifel Nicolaus set a $615.00 target price on Ciena in a research report on Friday, May 29th. Argus set a $650.00 price target on Ciena in a research note on Friday, June 5th. Needham & Company LLC reiterated a “buy” rating and set a $600.00 price target on shares of Ciena in a research report on Tuesday, June 23rd. Finally, Raymond James Financial boosted their price target on Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $530.56.
Insiders Place Their Bets
In other news, SVP Joseph Cumello sold 1,586 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the sale, the senior vice president owned 42,872 shares of the company’s stock, valued at $19,992,499.76. This represents a 3.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 2,629 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following the sale, the senior vice president owned 62,382 shares of the company’s stock, valued at $29,082,488.40. This represents a 4.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 21,627 shares of company stock worth $10,974,985. 0.58% of the stock is currently owned by company insiders.
Ciena Company Profile
Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.
In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.
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